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runderwo
- Senior Member
posted: Oct. 1, 2007 @ 1:56p 
I got a letter in the mail Saturday with my completed consolidation. I had to laugh out loud when I noticed that they bungled the interest rate 4.625% instead of 2.8%, but then a chill hit me when I realized I would be fighting for this to be corrected too. I called Tom this morning and left a message. Around 1pm I got a call back and explained the situation. Amazingly, he agreed that they screwed up and that he would look into the situation and call me back in a few days. I still find it quite funny that Citi's SL people can't seem to get anything right, even when they're attempting to make amends on an account they screwed up in the past... |
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runderwo
- Senior Member
posted: Oct. 2, 2007 @ 11:38a
Looks like they consolidated ALL of my student loans, not just the ones from before the deadline. The ones after the deadline were consolidated at 6.8% which is not what I want. He said he may be able to correct it and would let me know. |
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lampy2k4
- Senior Member
posted: Oct. 2, 2007 @ 11:51a
Wikipedia should point the definition of "clusterf" to this thread. |
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runderwo
- Senior Member
posted: Oct. 22, 2007 @ 5:04p
Doesn't appear that they will be fixing it. I'm having trouble figuring out if this is a net negative or a net positive with respect to the 1.25% interest rate deduction. Probably because I'm not too good at simple math sometimes  Am I paying less if I have: - A 2.8% loan that then decreases to 1.65%, and a 6.8% loan that then decreases to 5.55% or - A bunch of loans at 2.8% and more loans at 6.8% that evened out to 4.6% overall, then the total decreases to 3.35% I want to say there is no difference in the end, but that seems so counterintuitive for some reason... |
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LordKronos
- Senior Member - 1K
posted: Oct. 22, 2007 @ 5:46p
That would depend on how much each loan is and what the repayment terms are on each one. |
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DavidScubadiver
- Frivolous Member
posted: Oct. 23, 2007 @ 7:54a
ShowMetheMoney23 said:Citibank is correct that it is illegal to reset your rate to the old 2.87%. Your only avenue would be for them to admit they are right and your interest rate would still be at the 6.8% but they would give you an interest rate reduction on their system to bring you down to the 2.8%. Most likely they will not take a 4% loss and you will be stuck at the 6.8% If this is the case i suggest you just consolidate elsewhere so you at least get your debt out of there.Well, this seems to have been incorrect. |
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DavidScubadiver
- Frivolous Member
posted: Oct. 23, 2007 @ 7:55a
sonnysighedup said:Long letter or short, it's highly unlikely that Citi will do anything to "retain" your business - unless you have about a 1/2 million dollars in assets with them at the moment. Perhaps they should send you a thank-you letter or some ThankYou points for not following up on your loan consolidation, since if you had, they would have been losing money on the absurdly low rate of 2.8%. It's probably best for you to chalk this up to one of life's tough lessons, find someone else to consolidate your loans with in November, and follow through until the consolidation is done.Seems this guy was wrong too. |
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sonnysighedup
- Member
posted: Oct. 23, 2007 @ 9:46a
DavidScubadiver said:sonnysighedup said:Long letter or short, it's highly unlikely that Citi will do anything to "retain" your business - unless you have about a 1/2 million dollars in assets with them at the moment. Perhaps they should send you a thank-you letter or some ThankYou points for not following up on your loan consolidation, since if you had, they would have been losing money on the absurdly low rate of 2.8%. It's probably best for you to chalk this up to one of life's tough lessons, find someone else to consolidate your loans with in November, and follow through until the consolidation is done.Seems this guy was wrong too.
I was indeed wrong - whether the loans wind up at 2.8% or 4.625%, OP has done a stellar job at persisting and following through with Citi. Kudos, OP. |
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Dreamtoday
- Tired Member
posted: Oct. 23, 2007 @ 12:02p
Why did you use CITI? Citi like most large banks screw you. You should have used the US Dept of Education for loan consolidation. I know CITI was using promotional gimmicks to get people to consolidate but a lot of people got screwed, not just by citi but other banks. I helped 3 family members consolidate 2 with US Dept of Education and 1 with Wachovia back in 2005 and the only one that fell through was the Wachovia. Which now they are stuck with paying 6.8%. The US dept of education was a smooth not hassle or tricks process. Mostly because they are not in it for a profit, i think. |
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